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TURKEY: Current Account Deficit Wider Than Expected in December

TURKEY
BulletEM BulletEmerging Market News
  • Turkey’s current account deficit widened more than expected, to $4.65bln (Est: -$4.00bln) in December from a revised -$2.73bln in November. The full-year C/A gap for 2024 stood at $9.97bln, narrowing from a shortfall of $39.9bln in 2023.
  • Treasury & Finance Minister Mehmet Simsek, who made a presentation to investors in Dubai, said Turkey could be resilient to divisions in global trade, Hurriyet report. “80% of our trade is with the EU, Central Asia, Middle East and North Africa. I do not expect Turkey to be in the headlines due to US tariffs,” the minister said.
  • Citing data from the Banking Regulation and Supervision Agency, Dunya note that there has been a 20-percent increase in companies' demand for TRY-denominated loans in the last year. They note that declining corporate inflation expectations has boosted the appetite for TRY loans and longer-term borrowing.
  • President Recep Tayyip Erdogan meets the Pakistan Prime Minister and President as part the final leg of his tour of Asia. The central bank will publish weekly capital flows data at 11:30GMT/14:30 local.
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  • Turkey’s current account deficit widened more than expected, to $4.65bln (Est: -$4.00bln) in December from a revised -$2.73bln in November. The full-year C/A gap for 2024 stood at $9.97bln, narrowing from a shortfall of $39.9bln in 2023.
  • Treasury & Finance Minister Mehmet Simsek, who made a presentation to investors in Dubai, said Turkey could be resilient to divisions in global trade, Hurriyet report. “80% of our trade is with the EU, Central Asia, Middle East and North Africa. I do not expect Turkey to be in the headlines due to US tariffs,” the minister said.
  • Citing data from the Banking Regulation and Supervision Agency, Dunya note that there has been a 20-percent increase in companies' demand for TRY-denominated loans in the last year. They note that declining corporate inflation expectations has boosted the appetite for TRY loans and longer-term borrowing.
  • President Recep Tayyip Erdogan meets the Pakistan Prime Minister and President as part the final leg of his tour of Asia. The central bank will publish weekly capital flows data at 11:30GMT/14:30 local.